It was born in Block 419.406 of Bitcoin, exactly on October 24, 2017, with the purpose of changing the working test algorithm to a chain validated by Equihash, thus taking out of the game the specialized mining teams, trying to democratize mining. If you want to know more about Bitcoin Gold (BTG) and its trend in 2020, stay and read this publication.
Bitcoin Gold in review.
Bitcoin Gold fundamental analysis and its trend in 2020
Today, despite BTG being a rather forgotten cryptomon currency, it still occupies an important place in the ecosystem, ranking 42nd thanks to a capitalization of USD 166,485,994.
For the initial investors, this project caused significant losses, with an ROI of -98.09%. Its current price is USD 9.16.
As I mentioned at the beginning of this publication, BTG was born in an attempt to return control of Bitcoin to its users. To do so, it focuses on mining with GPUs. However, while it certainly makes the activity more accessible, it is also its biggest problem.
Bitcoin mining with GPUs was almost completely relegated by the Application Specific Integrated Circuit ASICs, due to the exponential increase in the mining difficulty of the chain. Although these devices are much more efficient, they bring with them several problems, mainly related to centralization.
As explained by the creators of BTG, the use of ASIC chips provides manufacturers with an advantage over individual miners, leading to large groups controlling most of the network’s computing power.
ASIC mining equipment: More efficient and cleaner?
Solving or creating a new problem?
By going back to a protocol where ASICs are prevented from working in the block chain, Bitcoin Gold would be giving the power back to more people. But this in turn creates a problem, and that is that their security is compromised, as a result of the decrease in their computing capacity.
As a consequence of this situation, in May 2018, Bitcoin Gold suffered an attack with which they were able to extract 388,000 BTGs, by that time, about USD 18 million. This happened because the attacker was able to exceed 51% of the hash rate of the network.
So, what was intended to be an improvement, was totally the opposite. Being a relatively new kryptonet, where few miners existed in its network, preventing an attack like this was impossible. The attempt at decentralization led to a totally different scenario, as one person was able to hold most of the decision-making power over the BTG Blockchain.
After the attack, the hash rate of his network fell imminently, and to this day it remains on the ground.
Bitcoin has all the way to the precious $10,000 barrier. If it succeeds in the next few days, the next technical stop is at the annual high of US$ 13,800 in 2019, where once again the bulls and bears will fight a hard battle for the precious treasure.
Bitcoin Whales: Latest news from Whale Alert
Bitcoin whales on the move
A few days ago in a CryptoTrend report we published how dj 30 Bitcoin Evolution, block explorer Bitcoin Billionaire, Bitcoin Profit to binance btc transfer fee, what is happening with Bitcoin Code, Immediate Edge to binance delay, how to connect Bitcoin Circuit to gdax, Bitcoin Trader 90 mg tablet, how to sell bitcoins The News Spy, Bitcoin Era to binance still pending, Bitcoin Revolution your account is incomplete whales are making a strong accumulation of BTC, which is a good sign that they continue to maintain their buying trend.
In the last hour, Bitcoin whales have been doing their thing. In just 3 transactions, OKEx has transferred over 4000 BTC to unknown wallets.